Etiqa’s ELASTIQ and SAVE3?

L

luvpraline

Senior Member
Joined
Nov 21, 2005
Messages
866
Reaction score
66
oceanicmanta said:
My anniversary is 23rd

Regular n Bonus Interest credited on 24th

... but only reflected onine on 25th
Click to expand...
Thank you! Will look out for these.
After this, where are you guys moving the funds to? It was rather nice not having to think about where to shift for 6 years.. 🤣
 
O

oceanicmanta

Supremacy Member
Joined
Jan 14, 2013
Messages
9,669
Reaction score
1,382
oceanicmanta said:
update:

sent email

also Whatapp Tiq connect to ask them to acknowledge receipt

received email from them saying they will process and proceeds will be credit via PayNow in next 5 work days
Click to expand...

update :

6 Jan 26 - just received SMS from Etiqa that my policy surrender has been processed and proceeds of $X will be credited to my PayNow-NRIC

( 26 Dec 25 - submitted surrender form via email )

$X is slightly higher than the Surrender Value on 26 Dec .. guess they still accrue 0.3% crediting rate daily

Amount credited at around 1pm today.
 
Last edited:
L

luvpraline

Senior Member
Joined
Nov 21, 2005
Messages
866
Reaction score
66
oceanicmanta said:
update :

6 Jan 26 - just received SMS from Etiqa that my policy surrender has been processed and proceeds of $X will be credited to my PayNow-NRIC

( 26 Dec 25 - submitted surrender form via email )

$X is slightly higher than the Surrender Value on 26 Dec .. guess they still accrue 0.3% crediting rate daily

Amount credited at around 1pm today.
Click to expand...
Thank you for the update. Seems they took around 5 biz days to credit the amount. Did you have to fill in an application form or just a simple email message to request surrender will suffice?
 
O

oceanicmanta

Supremacy Member
Joined
Jan 14, 2013
Messages
9,669
Reaction score
1,382
M

maumu

Arch-Supremacy Member
Joined
Jun 22, 2000
Messages
11,729
Reaction score
2,732
hi all, can I check whether those who have spent 6 years with the plan and surrendered it, did you calculate your returns if it's really 2.68%?

I calculated the current value based on the first 5 full years and it's only 2.39%
 
Last edited:
P

philips107

Senior Member
Joined
Nov 17, 2002
Messages
1,050
Reaction score
695
maumu said:
hi all, can I check whether those who have spent 6 years with the plan and surrendered it, did you calculate your returns if it's really 2.68%?

I calculated the current value based on the first 5 full years and it's only 2.39%
Click to expand...
maybe cos u used the full amount u paid in the 1st yr?

They take a sales commision (?) in the first yr.
 
M

maumu

Arch-Supremacy Member
Joined
Jun 22, 2000
Messages
11,729
Reaction score
2,732
philips107 said:
maybe cos u used the full amount u paid in the 1st yr?

They take a sales commision (?) in the first yr.
Click to expand...
there's apparently a one-time policy premium charge deducted which is 0.6% of the premium (before discount). is that the sales commission for the first year?

no matter how I try to play around the figures, I couldn't get the 2.68%.
 
P

philips107

Senior Member
Joined
Nov 17, 2002
Messages
1,050
Reaction score
695
maumu said:
there's apparently a one-time policy premium charge deducted which is 0.6% of the premium (before discount). is that the sales commission for the first year?

no matter how I try to play around the figures, I couldn't get the 2.68%.
Click to expand...
yes, I would think so, not sure what is it, sales comms or otherwise, what does happen is they take a small percentage (0.6% per your observation) of the first yr premium.

So when u do the calculations, need to take into acct the 1st yr principle is less than the actual premiums paid.

I've not tried calculating it myself, and take it as good heh ...
 
O

oceanicmanta

Supremacy Member
Joined
Jan 14, 2013
Messages
9,669
Reaction score
1,382
oceanicmanta said:
update :

6 Jan 26 - just received SMS from Etiqa that my policy surrender has been processed and proceeds of $X will be credited to my PayNow-NRIC

( 26 Dec 25 - submitted surrender form via email )

$X is slightly higher than the Surrender Value on 26 Dec .. guess they still accrue 0.3% crediting rate daily

Amount credited at around 1pm today.
Click to expand...

update 2

informed by Etiqa that they will credit a further $67++ to me as ...

"During a recent review of our policy records, we identified that the interest credited to your policy
account value did not fully reflect the crediting rate applicable under the terms and conditions of
your policy contract."
 
M

maumu

Arch-Supremacy Member
Joined
Jun 22, 2000
Messages
11,729
Reaction score
2,732
oceanicmanta said:
update 2

informed by Etiqa that they will credit a further $67++ to me as ...

"During a recent review of our policy records, we identified that the interest credited to your policy
account value did not fully reflect the crediting rate applicable under the terms and conditions of
your policy contract."
Click to expand...
woah, that's very honest of them. they informed you months after you already surrendered the plan?
 
D

DenOOO

Senior Member
Joined
Nov 28, 2010
Messages
1,469
Reaction score
379
oceanicmanta said:
update 2

informed by Etiqa that they will credit a further $67++ to me as ...

"During a recent review of our policy records, we identified that the interest credited to your policy
account value did not fully reflect the crediting rate applicable under the terms and conditions of
your policy contract."
Click to expand...
Received this too last week for a similar policy surrendered in 2022. :ROFLMAO:

Yes, 4 years ago, 2022.
 
P

philips107

Senior Member
Joined
Nov 17, 2002
Messages
1,050
Reaction score
695
me too, SMS received. log into the etiqa portal to check how much more they will pay you.


perhaps their audits detected this error, if that is the case, finally internal auditors have been shown to be useful :)
 
You must log in or register to reply here.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ Forums. Forum members and moderators are responsible for their own posts. Please refer to our Community Guidelines and Standards and Terms and Conditions for more information.
Top